What you must know about the newly formed kerala bank

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What you must know about the newly formed kerala bank
A result of the long pending dream of the Kerala Government to set up its own bank, Kerala Bank receives the RBI’s approval. The new Kerala Bank will be the largest banking network in the state of Kerala. Kerala Bank results from the amalgamation of the district cooperative banks with the Kerala State Cooperative Bank. In its formation, 13 District Cooperative Banks are being absorbed into the Kerala Bank. The Kerala government has said that the objective of forming Kerala Bank is to empower the cooperative sector. Talking on the immense prospects awaiting the Kerala Bank during its formation, the chief minister Vijayan said, "All district cooperative banks have strong base. And when all these merge together and form one bank, it will soon become the biggest bank in the state.”
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How The New System Works?

As per the earlier system, the co-operative banking in the state of Kerala follows a three tier system. In this system, Kerala State Co-operative Bank was on the top level followed by District Co-operative Banks in the second level and Co-operative banks and societies in the lowest third level. Formed and working under the directives of the Reserve Bank of India, Kerala Bank has adopted a two tier system after amalgamating the other entities in the three tier system. The new two tier system will have the Kerala Bank head office and the state wide branches under it.

Kerala Bank Fixed Deposit Rates In Comparison With SBI Fixed Deposit Rates

TenureKerala Bank Interest rate for Public Kerala Bank Interest Rate for Senior CitizensSBI Interest rate for Public SBI Interest Rate for Senior Citizens
7 days to 45 days4.505.004.505.00
46 days to 179 days5.506.005.506.00
180 days to 210 days5.806.305.806.30
211 days to less than 1 year5.806.305.806.30
1 year to less than 2 year6.256.906.256.75
2 years to less than 3 years6.256.756.256.75
3 years to less than 5 years6.256.756.256.75
5 years and up to 10 years6.256.756.256.75


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Kerala Bank’s Performance After Its Inception

Kerala Bank has been performing encouragingly very well after its inception thanks to the environment favoring investments in India. Keralites are spread all over the world. A large chunk of NRI Keralites are taking an active interest in depositing their money with Kerala Bank.

The recent spurt in investments in Kerala Bank is due to two important reasons: there is a significant drop in the rupee value in India and NRIs all over the world have been feeling that India is a safer alternative for them to invest given the economic recession around the globe. While inaugurating the bank, Pinarayi Vijayan, exclaimed that Kerala Bank will provide unlimited opportunities for the state of Kerala and will also facilitate transactions in other countries where there is a considerable population of Keralites. The chief Minister also added that Kerala Bank will have all the latest facilities including core banking.

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